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The Latest Update on Our Kansas City Market Is Here
July 23, 2018 | Katy Ryan
What is going on in our Kansas City market? Take a look at this recent Facebook Live interview to find out.
Today I am excited to bring you some highlights from a recent Facebook Live interview I was part of regarding our Kansas City market. Hopefully this Q&A will bring you some insight as to what is been going on:
What kind of homes are currently selling in Kansas City, and what factors are driving those sales?
Right now, homes priced from between $100,000 all the way up to $350,000 are selling well. Really, any properties that are priced correctly and are in good condition are moving fast. In fact, anything below the $100,000 mark is selling so quickly
that it is hard to find homes under that price. Between our currently low inventory and the threat of rising rates, buyer demand is strong at the moment.
What homes are not currently selling in Kansas City?
Buyers do their homework, so overpriced homes are not performing well in our market. And homes priced above $500,000 are also struggling, as the inventory levels for that price point are significantly higher than the rest of our market (sitting between
18 and 24 months of supply).
What are median home prices in the area?
North of the river, median home prices are just above $200,000. In general, this amount will get buyers a 3- to 4-bedroom, 2- to 3-bathroom home with a two-car garage. But, of course, this depends on school district and area.
Are bidding wars and multiple offer situations common right now?
This is definitely the case right now—especially in homes priced between $150,000 to $180,000. Even buyers who submit their strongest offer will find themselves faced with a lot of competition. Thankfully, appraisal issues have not been too much of
an issue as of late.
How can those who are on the fence about selling learn more about their home value?